At the 2023 UN Climate Change Conference (COP28), Envision Blockchain made a significant impact with its innovative blockchain and artificial intelligence (AI) based platforms. These platforms are designed to enhance emissions tracking and facilitate the growth of voluntary carbon markets. The company’s latest offerings include advanced features for methodology search, project data comparison, and adherence to reporting standards, aiming to bolster transparency and efficiency in the environmental sector.
Massamba Thioye, a prominent UN Climate Change Secretariat member, lauded the initiative. He highlighted the critical role of Web3 solutions in achieving sustainability goals, noting that Envision’s advancements in the Hedera Guardian and the Managed Guardian Service (MGS) represent a substantial leap in digitizing climate change mitigation methods.
Digitizing the carbon market with Hedera Hashgraph
Central to Envision Blockchain’s strategy is the digitization of carbon credits using Hedera Hashgraph technology. The Managed Guardian Service (MGS) is a key component in this process, streamlining the creation and management of digital environmental assets, including carbon credits. This service, leveraging Hedera Hashgraph, aims to increase efficiency, transparency, and expansion to the voluntary carbon market.
One of the notable enhancements presented at COP28 is the digital integration of UNFCCC methodologies, which standardizes the calculation of emissions reductions for carbon credit projects. This digitization is crucial in ensuring consistency and reliability in the carbon credit sector.
AI-driven innovation and global standards integration
Envision Blockchain’s platforms also incorporate AI to revolutionize how users interact with environmental methodologies. The AI-guided search feature enables efficient navigation through extensive libraries, such as the UNFCCC’s Clean Development Mechanism (CDM) Methodology library, ensuring users can quickly find relevant methodologies for their carbon credit projects.
Moreover, the introduction of the Project Data Comparison feature addresses challenges like double counting and boosts transparency in project data analysis. This tool allows users to compare data in the form of Verifiable Credentials (VCs) and digital certificates containing validated project information.
A significant integration is the Global Blockchain Business Council’s (GBBC) dMRV Specification into the Guardian platforms. This specification sets forth digital standards for reporting and verifying carbon data, facilitating alignment among various stakeholders in the carbon market.
In conclusion, Envision Blockchain’s presentation at COP28 marks a pivotal moment in using blockchain and AI technologies for environmental sustainability. Their platforms, especially those built on Hedera Hashgraph, are poised to make a substantial impact in carbon credits and emissions tracking, setting new standards in transparency, efficiency, and market growth.
